The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-11
The Virginia State Debt.
ID "a PlonIe ~ TLraLNLa !.

To the People Of Virgnia:
/ At "A meeting of Virginia Bondholder. con
yened by the Council of Foreign BOndhoIder.
/ and held on Friday, the 2ith Of september
/ 1886, at the CannOn-strcct Hotel, London.
the following resolutions were passed unan-
mOusly:
THAT this meeting deplores the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, and, Whle
/ asserting its steadfast determination not tO ac-
ccpt the RiddlebcrRcr settlement, which. ln
view Of the admitted ability Of Virginia to set-
tie with her creditors. and the sacrifices thel
have already made on her behalf. n considers
dishonest and unjust. hereby expresses its
willingness 10 meet the State and entertain
reasonable compromise based upon the pres
ent taxation and the available revenue. after
providing for the Constitutional appropriation
for government, schools. and other pubic eA-
penditure.'
The State had the benefit of the whole OF the
money she originally borrowed ($3UOnr. II
laid the foundation OF her roads. railways, ana
canals, and has brought millions Oi dollars
into the country. Had you not constructor
these public works with the b0uihOlden
money you would have 10 bee taxed now for
them.
No State which borrowed money ever en-
jOyed the benefit OF its loans more than blr-
GINA has done. See senate Document AAIF-
Session. lSlI-'tS.I
The present unsettled condition OF the debt
is keeping capital and immigration out oi VIZ
GINA. and as long as matters ~ continue you
will never develop the splendid resources OF
the State i'm the way they deserve.
Tire revenue Of Virginia is increasing. me
last assessment shows AN increase 90 S13NW'
90 i'm taxable values. Nour present revenue
might Dee largely increased 10 the taxes were
more carefully collected ANA the present as
sessmcnts on property egualiIed throughout
the state.
what might have been difficult TO do "A few
years ago is easy now, and each year the bur
den will become lighter. When the debt ques
ton is settled capital and enterprise, which
now holds alOOf will flow into the state.
The settlement offered by the bOndh0lden
proposes that the bonds now ncXistencc bear
Ing tax receivable coupons should be deposited
i'm some trust company; that new bonds should
be- issued i'm their place, bearing no tax .rccrlt
able coupons. and at low rate OF Interest
When the state pays a half years interest 90
the new bonds. the tax rcCci gaDlc coupons TOT
that half year shall be- cut on the old bonds u}
the trust company, cancelled and delivered I'd
the state Any increase on the present rtft
nue. viii be appropriated by the state ana
the bOndhOldcrs will not have any claim on n.
There was u cash balance last July in the
Treasury OF 5000, and the average purchase
OF Riddebergcr IS by the State has been ai
the rate OF $4,000 per annum 30 cash. Ine
State has some millions Of dollars OF assets
which would help her IN Arranging settie-
ment.
The bondholdcrs are as deeply interested as
you are In maintaining the credit ana prosper
ity OF your state. They ask for fair hearing
and discussion OF the question by business
men, and not by politicians, whose interest lt
Is 20 prevent am understanding being arrived
AT and an honorable compromise made.
The best way OF bringing about tins settle
mcnt is for taxpayers % tender coupons .n
payment OF their taxes. I'm view OF the cOn
ciliarory spirit and liberal offer made by the
creditors / venture respectfully 20 submit "
yOu that 10 is your moral duty, as well rs your
legal right and privilege. 10 tender coupons i9f
taxes now due. JAMES z. COOPER
nos